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S&P Global Piotroski F-Score

: 5 (As of Today)
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The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

S&P Global has an F-score of 5 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for S&P Global's Piotroski F-Score or its related term are showing as below:

SPGI' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Med: 7   Max: 9
Current: 5

During the past 13 years, the highest Piotroski F-Score of S&P Global was 9. The lowest was 1. And the median was 7.


S&P Global Piotroski F-Score Historical Data

The historical data trend for S&P Global's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

S&P Global Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 7.00 6.00 8.00 7.00 8.00

S&P Global Quarterly Data
Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 8.00 7.00 8.00 3.00 5.00

Competitive Comparison

For the Financial Data & Stock Exchanges subindustry, S&P Global's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

   

S&P Global Piotroski F-Score Distribution

For the Capital Markets industry and Financial Services sector, S&P Global's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where S&P Global's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Jun22) TTM:Last Year (Jun21) TTM:
Net Income was 797 + 675 + 1235 + 972 = $3,679 Mil.
Cash Flow from Operations was 967 + 940 + 222 + 454 = $2,583 Mil.
Revenue was 2087 + 2088 + 2389 + 2993 = $9,557 Mil.
Gross Profit was 1544 + 1496 + 1640 + 1982 = $6,662 Mil.
Average Total Assets from the begining of this year (Jun21)
to the end of this year (Jun22) was
(13398 + 14111 + 15026 + 66092 + 64323) / 5 = $34590 Mil.
Total Assets at the begining of this year (Jun21) was $13,398 Mil.
Long-Term Debt & Capital Lease Obligation was $11,408 Mil.
Total Current Assets was $6,235 Mil.
Total Current Liabilities was $4,958 Mil.
Net Income was 455 + 454 + 755 + 798 = $2,462 Mil.

Revenue was 1846 + 1867 + 2016 + 2106 = $7,835 Mil.
Gross Profit was 1329 + 1301 + 1489 + 1573 = $5,692 Mil.
Average Total Assets from the begining of last year (Jun20)
to the end of last year (Jun21) was
(11105 + 11452 + 12537 + 12830 + 13398) / 5 = $12264.4 Mil.
Total Assets at the begining of last year (Jun20) was $11,105 Mil.
Long-Term Debt & Capital Lease Obligation was $4,608 Mil.
Total Current Assets was $6,932 Mil.
Total Current Liabilities was $3,315 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

S&P Global's current Net Income (TTM) was 3,679. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

S&P Global's current Cash Flow from Operations (TTM) was 2,583. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Jun21)
=3679/13398
=0.27459322

ROA (Last Year)=Net Income/Total Assets (Jun20)
=2462/11105
=0.22170194

S&P Global's return on assets of this year was 0.27459322. S&P Global's return on assets of last year was 0.22170194. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

S&P Global's current Net Income (TTM) was 3,679. S&P Global's current Cash Flow from Operations (TTM) was 2,583. ==> 2,583 <= 3,679 ==> CFROA <= ROA ==> Score 0.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Jun22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun21 to Jun22
=11408/34590
=0.3298063

Gearing (Last Year: Jun21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun20 to Jun21
=4608/12264.4
=0.3757216

S&P Global's gearing of this year was 0.3298063. S&P Global's gearing of last year was 0.3757216. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Jun22)=Total Current Assets/Total Current Liabilities
=6235/4958
=1.25756353

Current Ratio (Last Year: Jun21)=Total Current Assets/Total Current Liabilities
=6932/3315
=2.09110106

S&P Global's current ratio of this year was 1.25756353. S&P Global's current ratio of last year was 2.09110106. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

S&P Global's number of shares in issue this year was 339.3. S&P Global's number of shares in issue last year was 241.8. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=6662/9557
=0.69708067

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=5692/7835
=0.72648373

S&P Global's gross margin of this year was 0.69708067. S&P Global's gross margin of last year was 0.72648373. ==> Last year's gross margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Jun21)
=9557/13398
=0.71331542

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun20)
=7835/11105
=0.70553805

S&P Global's asset turnover of this year was 0.71331542. S&P Global's asset turnover of last year was 0.70553805. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+1+0+1+0+0+0+1
=5

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

S&P Global has an F-score of 5 indicating the company's financial situation is typical for a stable company.

S&P Global  (NYSE:SPGI) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


S&P Global Piotroski F-Score Related Terms

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S&P Global Business Description

S&P Global logo
Address
55 Water Street, New York, NY, USA, 10041
S&P Global provides data and benchmarks to capital and commodity market participants. In 2021 and excluding IHS Markit, S&P Ratings was over 45% of the firm's revenue and over 55% of the firm's operating income. S&P Ratings is the largest credit rating agency in the world. The firm's other segments include Market Intelligence, Indices, and Platts. Market Intelligence provides desktop tools and other data solutions to investment banks, corporations, and other entities. Indices provides benchmarks for financial markets and is monetized through subscriptions, asset-based fees, and transaction-based royalties. Platts provides benchmarks to commodity markets, principally petroleum.
Executives
Evans Gay Huey director SHIPPING & RECEIVING CENTER 16930 PARK ROW DR. HOUSTON TX 77084
Esculier Jacques director C/O AMERICAN STANDARD COMPANIES INC ONE CENTENNIAL AVENUE PISCATAWAY NJ 08855
Moore Sally officer: EVP, Strategic Alliances 55 WATER STREET NEW YORK NY 10041
Kansler Adam Jason officer: President, Market Intelligence C/O MARKIT LTD, 4TH FL, ROPEMAKER PLACE 25 ROPEMAKER STREET LONDON X0 EC2Y 9LY
Tavernier Edouard officer: Head of Global Transportation C/O IHS MARKIT LTD., 4TH FLOOR ROPEMAKER PLACE, 25 ROPEMAKER STREET LONDON, ENGLAND X0 EC2Y 9LY
Kelly Robert P director ONE MELLON CENTER PITTSBURGH PA 15258-0001
Mcwhinney Deborah D director PO BOX 40 EAST BROADWAY BUTTE MT 59701
Washington Gregory N director 55 WATER STREET 45TH FLOOR NEW YORK NY 10041
Saha Saugata officer: President, S&P Global Platts 55 WATER STREET NEW YORK NY 10041
Livingston Ian Paul director 55 WATER STREET NEW YORK NY 10041
Draper Daniel E officer: CEO, S&P Dow Jones Indices 55 WATER STREET NEW YORK NY 10041
William Amelio J. director C/O CHC GROUP LTD. 190 ELGIN AVENUE, GEORGE TOWN GRAND CAYMAN E9 KY1-9005
Craig Christopher officer: SVP and Controller 55 WATER STREET LEGAL DEPARTMENT NEW YORK NY 10041
Manis Dimitra officer: Chief People Officer 55 WATER STREET S&P GLOBAL, 45TH FLOOR NEW YORK NY 10041
Leroux Monique F. director S&P GLOBAL INC. 55 WATER STREET NEW YORK NY 10041

S&P Global Headlines

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